You'll be paying a tax penalty of up to R4 000 to SARS on 28 February…
If you haven't submitted your provisional tax
return by 28 February 2016, then SARS will add a R4 000 penalty to your tax
Errors mean double penalties – one for the error, and one for not following the rules!
Don't know where to start?
Or how to calculate the tax
to get your hands on a tell-all guide today! It'll walk you through every step in the provisional tax
process, so you'll never put a foot wrong again!
Use this checklist to help calculate your provisional tax correctly every time
Have you calculated your estimated taxable income for the year?
Have you calculated the amount of tax
you'll pay on this taxable income?
. Have you subtracted the annual tax
rebate from this amount? (This will give you the total amount that you'll have to pay for the tax
. If it's the first provisional tax
return you're calculating, have you taken away half of the total tax
payable for the tax
year, after which you'll be left with the amount due for the first period of the tax
year? (If you're calculating the second provisional tax
return, you can skip this step).
. Have you subtracted any employee's tax
deducted for the tax
year? (Only subtract the first six months if you're calculating the first provisional tax
Have you subtracted any allowable foreign tax
credits for the tax
year? (But only if you're completing your first provisional tax
. Have you added any outstanding SARS penalties and interest on this amount? (This information will either already be on your provisional tax
return, or you can get it from SARS and include it in your tax
If it's the second provisional tax
return you're calculating, have you made sure you subtract any provisional tax
which you paid for the first provisional tax
*If you can answer YES to all those questions, then you're on the right track to correctly calculating your provisional tax
Don't forget to make use of the SARS tax
tables when calculating your provisional tax
! You can find them in Chapter P 01 in your Practical Tax Loose Leaf Service
handbook. Here, you can also confirm if you really do qualify for provisional tax
If you don't already have this fantastic tax
resource, then click here
to order your copy today.